The markets wanted to believe, Thursday evening, in a significant agreement on a reduction in oil production. Crude oil, which had plunged briefly below $ 21 a barrel of Brent at the end of March, has suspended its fall. It even went up to 34 dollars on Thursday.
Read also: Oil: the suspense continues
A conference by interposed screens, prompted in part by Donald Trump, anxious to save the oil of American shale, in great difficulty because of its high production costs, united Thursday the producing countries. With one goal: to find an agreement on production cuts to support the prices that collapsed with the Covid-19 pandemic and the price war launched in early March by Saudi Arabia, bitter about being let go by Moscow.
" There will be a reduction in production, " predicts Antoine Rostand, president of the specialized cabinet Kayrros. " Cuts are essential to avoid negative prices ", which is already the case on some sites. Crude surplus is such in some parts of the United States
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